Conservative leader David Cameron attacked the Prime Minister Gordon Brown’s £30bn “borrowing bombshell” and accused him of being “deliberately misleading” by failing to tell the public that his tax giveaway today will lead to higher taxes in the future.
He said the level of Government borrowing will be equivalent to an 8 per cent rise in income tax or a six per cent rise in VAT.
Cameron said: “It is our duty to set out an alternative course for the immediate priority: protecting people from Labour’s recession, and ensuring that the recovery comes as quickly as possible.
“A vital part of that will be sticking to our commitment to fiscal responsibility. Not spending money we haven’t got. But saving it to help people through tax relief.
“Not borrowing money on the nation’s credit card. But getting a grip on public spending and making sure Britain starts living within its means.
He added: “That’s the only responsible way to get our economy back on the path to recovery. And that’s the only long-term, sustainable way that we will reach the low tax, low debt economy that the people of Britain – after years of putting up with Labour – not only demand, but truly deserve.”